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Old 11-26-2017, 06:11 PM
 
1 posts, read 523 times
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Hello I am a 55 yr old man that has been remarried and living in my wifes house for the last ten years. I have been paying half the bills including, mortgage upkeep,utilities and most everything else. We have decided to split and I need to buy a house and only have a couple months. MY background is that I am going to retire in 2 yrs from a municipal job I have had for 23 yrs. I have invested heavily into a 457 account which will take care of me pretty well for retirement but cannot get my hands on any of it until I retire. Im looking to buy a modest home for $70,000.00 but only have $3000.00 liquid. What should I do and who should I talk to in my predicament? Oh my fica is around 750. thanks
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Old 11-26-2017, 08:28 PM
 
Location: Saint John, IN
7,231 posts, read 1,829,666 times
Reputation: 7368
Talk to a lender. I would go to a mortgage broker rather than a bank as they will have more options. They can run the numbers and see if you qualify for a loan. You might also want to talk to your divorce lawyer to see if you are entitled to any of the equity in the home. In some states once you are married you automatically assume interest in your spouses real estate whether you are on the title or not. No one here can give you legal advise though.
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Old 11-26-2017, 11:19 PM
 
1,715 posts, read 797,853 times
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Depending on your debt to income ratio you should be fine to get a mortgage. Poster above have great advice as well.

Last edited by aridon; 11-26-2017 at 11:38 PM..
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Old 11-26-2017, 11:37 PM
 
Location: Mostly in my head
18,933 posts, read 50,014,311 times
Reputation: 16873
Definitely talk to your divorce lawyer! You have some equity in the house.
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Old 11-27-2017, 03:01 AM
 
6,010 posts, read 6,351,676 times
Reputation: 10088
Definitely talk to your divorce lawyer. You may have some equity in the house.
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Old 11-27-2017, 06:23 AM
 
Location: The Triad (NC)
24,005 posts, read 51,781,017 times
Reputation: 23905
Quote:
Originally Posted by peanut61 View Post
...and living in my wifes house for the last ten years.
I have been paying half the bills...
Whatever that bill paying all adds up to...
how does that total number compare to what 'housemates' pay in the area?

Quote:
Im looking to buy a modest home for $70,000.00 but only have $3000.00 liquid.
What should I do ....?
Find another low(er) cost housemate situation and save up some more cash.
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Old 11-27-2017, 08:13 AM
 
Location: Northern Virginia
3,759 posts, read 4,001,806 times
Reputation: 7604
Quote:
Originally Posted by peanut61 View Post
Hello I am a 55 yr old man that has been remarried and living in my wifes house for the last ten years. I have been paying half the bills including, mortgage upkeep,utilities and most everything else. We have decided to split and I need to buy a house and only have a couple months. MY background is that I am going to retire in 2 yrs from a municipal job I have had for 23 yrs. I have invested heavily into a 457 account which will take care of me pretty well for retirement but cannot get my hands on any of it until I retire. Im looking to buy a modest home for $70,000.00 but only have $3000.00 liquid. What should I do and who should I talk to in my predicament? Oh my fica is around 750. thanks
Your divorce attorney.
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Old 11-27-2017, 11:38 AM
 
Location: Fort Lauderdale, Florida
7,107 posts, read 6,393,326 times
Reputation: 14106
Legally, she will owe you some money from the ten years you paid on her house.

See if you can come to a settlement without attorneys.
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Old 11-27-2017, 05:00 PM
 
Location: Columbia, SC
8,364 posts, read 16,413,559 times
Reputation: 5538
Talk to your attorney, a mortgage lender, and a qualified and knowledgeable accountant.
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Old 11-27-2017, 05:33 PM
 
Location: Columbia SC
6,902 posts, read 5,444,406 times
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I agree talk to an attorney but in the mean time as you maybe making a big move in two years, consider renting a studio apartment in the interim. You just need a place big enough to lay your head and an occasional friend.
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